Russia & Eastern Europe

As of 31/12/25, the indicative NAV of the Russia Fund was USD 54m. Of this, 31% is represented by cash, and 53% by liquid Kazakh names. The remainder of the assets are GDRs that have been relisted on the Astana stock exchange. The largest of these names is Solidcore (10%), a gold mining company with purely Kazakh assets, which has doubled in price in the last 12 months.  
 
We are actively addressing several ongoing matters. These include the liquidation of a Russian company we owned, where foreign investors like us should be eligible to receive a payout outside of Russia. We also received a USD 1.7m dividend from Globaltrans. This is following the sale of its operating subsidiaries earlier in the year, and hence the payout represents the final distribution of the company’s residual value. The implied value per share is USD 3.9/GDR, which is a 43% discount on the pre-war price of approx. USD 6.8/GDR. We don't fully agree with the company value, though the implied discount is fairly reasonable when compared to various offers we have received for this stock in the past, and unfortunately, we have limited options to contest this buyout.  

Performance in USD.

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